Cyber LiabilityInsurance
- Easily compare top insurers
- Instantly obtain coverage without paperwork
- Choose flexible payment options
Compare quotes from our trusted insurance partners*:
How does Cyber Liability InsuranceHelp You?
Cyber security insurance, also known as cyber insurance, is a type of insurance coverage designed to protect businesses and organizations from the financial and reputational damages resulting from cyber threats and data breaches.
It provides financial support and assistance in the event of a cyber-attack, helping businesses mitigate the costs associated with cyber incidents. Cyber security insurance typically covers expenses related to data breach response, including forensic investigations, customer notification, credit monitoring, legal fees, and public relations efforts.
It may also offer coverage for business interruption losses, cyber extortion, ransomware attacks, and cyber liability claims arising from third-party lawsuits. By investing in cyber security insurance, businesses can proactively manage the risks associated with cyber-attacks and ensure they have the necessary resources to recover swiftly in the face of a cyber incident.
What does Cyber Liability InsuranceTypically Cover?
Cyber liability insurance is a form of business insurance that provides protection for your business by covering the legal expenses and costs associated with cybercrime incidents. The coverage typically includes expenses and restoration costs related to various aspects, including:
- Data breaches, such as the theft or loss of client information
- Network security breaches
- Costs incurred due to business interruption
- Forensic investigations to determine the cause and extent of a breach
- Data recovery expenses
- Cyber extortion incidents
- Crisis management costs to safeguard your business’s reputation in the aftermath of a cyber event
- Losses and legal expenses, including fines and penalties resulting from third-party claims related to data or network security breaches within your company.
Who may benefit from this type of Insurance
- Businesses that conduct online trading or operate through a website or online platform
- Businesses that extensively use email for communication
- Businesses that handle and store customer data
- Retailers that utilise EFTPOS machines for transactions
- Companies that heavily rely on IT systems to carry out their operations
- Occupations such as accountants, consultants, estate agents, retailers, hospitality outlets, and manufacturers.
Get the Cover that isRight for You
Maclean Insurance offers a range of policy options allowing you to select coverage amounts ranging from $250,000 to $2 million.
Take a moment to reflect on the potential consequences for your business if your website were to be offline. Could your business withstand the damage to its reputation and the financial losses resulting from a data breach?
Consider the following scenarios:
- What if a hacker blocked access to all your files and demanded a substantial ransom for their release?
- Could your business withstand a complete interruption to its operations caused by a cyber attack?
- Is there a risk that you or your staff could fall victim to a fraudulent email disclosing personal information or redirecting funds?
- What would be the impact of a data breach on your business?
- Consider the quantity and sensitive nature of customer data you store, as well as the security measures in place to protect that data.
Frequently Asked Questionson Cyber Liability Insurance
Cyber Liability insurance plays a crucial role in safeguarding your business when:
- You store sensitive information about customers, suppliers, or employees, which, when combined with other data, can potentially identify individuals (known as Personally Identifiable Information or PII).
- You handle confidential data, such as credit card information, through hosting, storage, sharing, or transmission.
- Your business deals with high-profile individuals or holds records of such individuals, increasing the risk of cyber extortion.
- You have a digital marketing strategy or an online presence, including a website and social media platforms.
- You publish electronic content.
The potential risks your business may face include:
- Data breach leading to revenue loss and business downtime.
- Potential fines from the privacy commissioner due to a data breach.
- Website hacking resulting in inappropriate content or website disruption.
- Cyber extortion where hackers demand a ransom.
- Unauthorized sale of personal information held by your business.
- Theft or loss of hardware (laptops, smartphones) containing sensitive client information.
- Theft of credit card information.
- Point of sale system failure, preventing electronic payments.
Ready ToSpeak With Us?
Get in Touch With Us Now
Business Information
Phone: 02 7912 1224
Maclean Insurance Pty Ltd (AR 1294430 | ABN 39 654 691 826)
Corporate Authorised representative of Community Broker Network Pty Ltd | AFSL 233750 | ACN 096 916 184
Key Pages
Important Information
Heavy Plant and Equipment
Trucks, Trailers & Vehicles
Manufacturing & General Business Equipment
Trucks, Trailers & Vehicles
Manufacturing & General Business Equipment
Keep Up To Date
Join our newsletter to keep up to date with the latest finance offerings